Northland Capital Markets Initiates Coverage of Vertex Energy With Outperform Recommendation

On February 8, 2023, Northland Capital Markets initiated coverage of Vertex Energy with a Outperform recommendation.

Analyst Price Forecast Suggests 68.54% Upside

As of February 8, 2023, the average one-year price target for Vertex Energy is $12.72. The forecasts range from a low of $6.97 to a high of $15.75. The average price target represents an increase of 68.54% from its latest reported closing price of $7.55.

The projected annual revenue for Vertex Energy is $3,943MM, an increase of 109.36%. The projected annual EPS is $1.57.

What are large shareholders doing?

XOP – SPDR Oil & Gas Exploration & Production ETF holds 9,215,712 shares representing 12.18% ownership of the company. In it’s prior filing, the firm reported owning 6,255,482 shares, representing an increase of 32.12%. The firm decreased its portfolio allocation in VTNR by 5.49% over the last quarter.

Trellus Management Company holds 2,121,076 shares representing 2.80% ownership of the company. No change in the last quarter.

VTSMX – Vanguard Total Stock Market Index Fund Investor Shares holds 1,808,451 shares representing 2.39% ownership of the company. In it’s prior filing, the firm reported owning 1,424,451 shares, representing an increase of 21.23%. The firm decreased its portfolio allocation in VTNR by 21.63% over the last quarter.

Bank Of America holds 1,748,104 shares representing 2.31% ownership of the company. In it’s prior filing, the firm reported owning 83,068 shares, representing an increase of 95.25%. The firm increased its portfolio allocation in VTNR by 1,208.90% over the last quarter.

Sona Asset Management holds 1,363,159 shares representing 1.80% ownership of the company.

Fund Sentiment

There are 279 funds or institutions reporting positions in Vertex Energy. This is a decrease of 7 owner(s) or 2.45%.

Average portfolio weight of all funds dedicated to US:VTNR is 0.1275%, a decrease of 2.7263%. Total shares owned by institutions increased in the last three months by 8.56% to 42,751K shares.

Vertex Energy Background Information
(This description is provided by the company.)

Vertex Energy Inc. is a middle market consolidator, refiner and re-refiner of distressed petroleum streams, such as used oil, transmix, fuel oils and off-specification commercial chemical products.

This article originally appeared on Fintel